To boost B.C.'s lacklustre paycheques and protect British Columbians' standard of living, the province needs to tackle an unseen crisis: B.C.'s decade-long productivity decline.
The single biggest determinant of a jurisdiction's per-capita income and living standards is productivity performance. Countries that are innovative and able to adapt to shifts in the global economy will see high productivity and thus a superior standard of living.
In this regard, Canada and B.C have not fared well against competing jurisdictions. B.C. has seen its productivity levels fall in both a Canadian and international context. This has resulted in stagnant wage growth and a fall in B.C.’s share of Canadian GDP.
Despite these results, B.C. has seen successive governments ignore the need for a co-ordinated focus on improving the province's productivity.
Through partnerships with government, educators and trainers, the BC Chamber's goal is to develop programs and policy initiatives to enhance B.C.’s productivity performance.
In 2014, the BC Chamber has engaged with over 200 CEOs in communities across the province through Competitiveness BC forums.
A full report outlining the actions all stakeholders can take to encourage productivity growth will be forthcoming.